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tv   [untitled]    February 21, 2015 7:30pm-8:01pm PST

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er thing your talking about the guidelines and what you there are many questions earlier about the guidelines and maybe those will be you can in the next process down the road you need to set the guidelines and vote on the funds fund manager and all the areas you need to establish the good morning, supervisors before i go further otherwise what's in the rfp and whater people sitting on it is this and that or how is that if you don't set the guidelines up front and let us all know including the staff where your km from and the minimum standards you expect how can you go forward so it's the tail wagging the dog you don't see the basically ethic bask set forward first before you vote it's all over the place you may
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not want that to be part find our motion i understand that but unless you set the guidelines and standards and give directions i don't know how you can move forward. >> i have a say you taking a vote on something a blue print you haven't developed speaks volumes mr. cokeer is paid millionaires thousands of dollars a year a blue print even awning an opportunity to be invited to the table to develop that burglary print as secretary i type rfps this plan should have been presented with all
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your consensus in place this is a failure just the way it was prepared be to you interest it mrrlg you were the main chairperson for the o 50 o $60 million loss for a plan for a hedge fund go ahead it's a $61 million loss to the fund and commissioner paskin-jordan you stated on record videotape it you r that you don't invest in hedge fund yet you're here promoting the hedge fund without a blue print or plan. >> bryan what can i say you had lunch are a hedge fund person and took his recommendation leon you came in with a 20 percent reduction even though for some reason that is nice for
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you another that time and sir, your real estate you're a developer a person i connected yes show me the prove and guidelines o guidelines should have obey present to all of you you sir, you ladies and gentlemen should have been wrought to the table to develop a plan you vote on nothing an air nothing was given to you so for me i'm sorry this is not the good thank you. >> thank you. >> herbert wiener i sort of want to bring up a relevant issue in 2009 the government oversight committee heard testimony from the grand jury the grand jury
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was sounding the fire elementary school alarm that the retirement system was going bankruptcy because a salaries from the police department and what happened please fire protect our benefits the controller's office the mayor's office claire murray the head of the retirement fund stated the retirement fund was perfectly solvent in not in the murder in the third degree of the recession so this whole thing about the protection against the retirement city hall going smash i wonder about it in 2009 in the midst of the recession why we're coming up with those hedge fund is beyond me this is something i'd like to bring up earlier in
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my testimony and now there's a chance we may be sounding a false fire alarm and sense we're taking on unnecessary risks and those guys are vetted from the hedge fund we'll not be vetted so do this publicly so we can watch and as far as the members of the board goes okay each think of you is free to invest in hedge fund on your own do it on your own and do that with my scent do it to our pleasure but for 0 god's sake leave the retirement system alone thank you (clapping.) >> welcome back. >> i just want to try to
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reassure my name is john fur land my name is john fur land. >> i really do want i dislike wall street as much as you guys but the hedge fund are less risky as i've tried to tell you than the public equity they own okay they're trying to derisk the fund for i there's a problem they have and it's very difficult problem this is not what you want to spank about but. >> your 3 minutes is ticking laura. >> okay. all right. i'm not going to make that point then do you know of any recent example like in santa fe they've shifted the hedge fund and attracted top
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management. >> bill i'm not opening it up to q and a i'm sore and that's the key issue okay secondly do you know of any alternatives to alternatives so to speak that will be cheaper one of the biggest investment managers in the year black rock that will be able to devise a custom e p f system for a small fraction of hedge fund and for 2 and 23 third will be willing to look for emerging managers in the hedge fund as you know small merging merchandise out perform
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dinosaurs and fourth given the objective political opposition to the hedge funds will that effect our ability to trick took up managers? and i'll leave it - i'll leave it at that thank you >> thank you, sir. >> commissioner makras and commissioners we've made it a long way today, i'm representing fossil free san francisco i want to support range and file for the retirees that have been here we've heard there was a letter from 12 other unions it's des moines stiff how many rank and file members have come to speak its zero self-appointed committees and leadership don't necessarily carry the wealthy of several people taking time out
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from their lunch break that's not my point the board look at tobacco and other corporate issues as well as fossil fuels we've heard we collectively stand in hedge fund for the transparency it's enforceable for the retirees to say they're not going against the hedge fund policies when we say transparency we maple holdings this is like all news i value the discussion first of all, but when we say transparency we mean holdings we need to insure that at any given one millisecond period the retirement system never held tobacco or companies doing business with sudan or other companies and fossil fuels
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that sustains i read a couple of weeks boo ago hedge fund are julian into fossil fuels abused the values are although it make sense so the investments class will not only be critical but the entire key to the entire financing thing if you go ahead and approve that i wanted to take the rest of the time to talk about the national sources of the allocation last year in number we voted to create an e f g committee to take care of the things on the end to a year that committee has never met and here i am with a documentary i want to present to all the commissioners tech thank you very much that has basic guidelines with respect to the
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natural resources allocation of the real asset allocations i don't have time to go through it i'll e-mailed e e-mail it to you. >> it basically makes sure that the use of investments are above board not only in x tlak the locations. >> time. >> the energy section didn't indicate point renewable energy has been invented so i'll come back and speak again but i urge you to set guidelines to match the san francisco values we're heard and all support thank you. >> good evening retirement board members nooemz is los
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scott the immediate past president of i he 21 and the vice chair the retirement union members but i come today solely as an individual and i come to several of the past meetings i was a thirty year employee thank you city and county in the madam president and worked with the planning commission so some of what i feel comes from any experience in unsought them in their policies deliberations and i've been surprised that about the issues that was brought up by commissioner cohen about the information it's been resonated to the comments of mr. ryan about the decision making and will angst i think the angst
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came if not having the facts in play i admire the fact that local 21 convened a study committee i talked with larry greven who was here earlier with the san francisco vice president of local 21 and said a staff person from the retirement board came and spoke and dlebd deliberated i declined i deliberated with them there ever half for and half against and according to larry combreven were answered they felt be comfortable in making the recommendations they have the problem is that information that was shared to you guess a small study committee didn't get out there to f i u and the retirees
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and didn't think it got out to the broader manipulating of local 21 so definitely i think there's been a problem with information when i was with the planning commission the public testified the next time around when the committee the commission took things under add time the staff summarized the concerns and responder to them by today it was supervisor i mean commissioner paskin-jordan that had to ask the questions that people here have and have and it was commissioner driscoll who said we need to look at the pros and cons of allocations and that really seems to be missing in the written and verbal
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materials of staff except what came out of today but your trust i would certainly hope in the future you had a workshop format and allow this to happen again, today switching to another subject i couldn't be more passionate about affordable housing but i also - .
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>> hi, i'm kate walker i want to support what the other 3 speakers have said and that the information that coming out came out right now and the way it was you way we were understood and misunderstood you see this is not even the beginning of communication when commissioner paskin-jordan said that hedge fund were transparent we as the fossil file gentleman said we consider we're can we see the holdings not only can you see them but can we as planned members see them as if it was our own investment it is this is our money that happens in a lot
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of city boards you get every detail or the important details and help the great depression boards or this board of supervisors make decision in this case there was nothing coming out and when we start to hear like today, we're or where you're coming from i have to come back and correct our misunderstanding and this is the only the beginning the process i like what you said commissioner cohen this is a learning curve and los mentioned the information was not given to a lot of groups i disagree with that f ic got the information and came to o a different decision the local 21 says we're uncomfortable of complexities it
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is as if the rest of us aren't i did a lot of research and called people by this time i'm getting it and also getting that you don't get us i want to see this continued you know it is basic like what i'd like to make decisions as a member on the investments so we can really know those are mediating save and they're what we want as a community with you talk about property i felt liking i like of in market street and wanted to run out of the room i don't want to see that what's happening in san francisco continue we don't want to be hong kong or shanghai or you know paris or london we can't live there on our salaries
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or - you know, i won't gone i could address every person keep the communication coming and maybe someday you'll understand why we come up here and make those outrage statement we don't have the same values as many of you have that's all i have to say roadway thank you. >> (clapping.) david williams it's almost good evening folks gee sidney i want to echo what the lady said you're putting the cart before the horse it is pretty objective you'll be voting for a 5 percent hedge fund allocation process what's missing, however, is i've heard questions about rfps,
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about what the investments will be and how you'll hire managers no one can be answered with yes or no questions bus the bottom line is negotiation in a negotiation go all the negotiation i've fume with you go down with the bottom line you again in with a plan and talk about to the members and you know the values and everything else but i have the sense you'll go into the negotiations and take a piece i'll throw this. >> and thank taking place but we'll take what we get in terms of the various investments and in terms of whether it's underfunded or bridge i don't understand how you can make the allocation it's still upside down in terms of what you want
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to do thank you. >> (clapping.) kari you diagonally commissioners and fell union members he want to set the record straight there were 2 of us members on staff that presented so it was more than zero. >> thank you i think that that promoted a couple of speakers. >> i'm john a four-year member of hedge funds i want to take issue i'm sure that professor when you said that was warren buffett was a hedge fund he makes most of his money from 60 korptsdz if he's doing hedge funds that will be less than the one percent and those are issues
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oh when we have whereon in 2008, was a bad market and more than seven hundred hedge funds went out of business in 2008 that's one point and not point when most hedge funds losses money you can kiss is going back when you talk about the s.p.c.a. 5 hundreds sure it goes down but it goes down every recession so that's what happened when it doubles it that's realty matt mat and 9 to buy a house was $50000 the storage was 850 and now it's pushing 18 thousand so
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everything is going upside down based on the economy any good hedge fund man will tell you you're making a big mistake they want 25 percent, 2 and 20 of $10 billion they're to laugh at you at 5 perris you know that so what i think you want the $57 billion is because hey sometimes, i go to las vegas and the race track. >> 30 seconds (laughter). >> you'll have 5 percent of beginners luck and take commissioner paskin-jordan she didn't know. >> how do you know. >> i'll bet you a thousand
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dollars. >> i won't accept the bet. >> because what am i saying (inaudible). >> you've seen this and (laughter). >> he won't cook for me. >> now it was the 10 minutes are up david williams stole 35 my worlds you have the cart before the hours it is hard to follow someone with a great sense of humor but you're missing a couple of things like david said you've got the horse before the cart before you decide the allocation if you don't have the guidelines why are you assigning
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an asset when you don't know was the guidelines are looking at your george the memberships and you have an obligation to serve the 50 thousand land members you 7 people can't be make that determination with our money. >> you did no due diligence and commissioner cohen didn't want the staff to do due diligence did you? did you? commissioner paskin-jordan? the answer i've gotten out of norm >> (inaudible). >> so what's also missing where is the due diligence on your
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meltdown in 2008 that wasn't done perhaps the other gentleman can talk about the due diligence in the 2008 meltdown how did the 7 of you and mr. cokeer be able to get so manipulative larger it's amazing that you guys are that much smarter than the two most prominent investors we'll have an obligation listening to our clients the survey revealed a - >> 30 seconds. >> the vast majority of the
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locals members if support that despite what of the the gentleman was telling us i urge you to vote against this because overall the biscuit thing you've failed to do is look at the 8 hundred pound ignore rely of why there was no alternate proposal put before you of vvl in the prudence index fund why not go to index funds and not hedge fund i guess your smarter than warren. >> good evening, everybody i'm
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ali haven't spoke at our meetings i didn't want to we have look good people doing a lot of good work i was so appreciative tonight to get those things out and side see i perform in come back with some sort of an answer form you you know i've been in the city over thirty years and retired for thirty years and retired for 10 thanks to my retirement board so i appreciate everything you've done he hope to pass it on to any wife, however, everything has perspectives i think the keywords here is perception this police department in san francisco if you look at how they put it all together it's the perception of how their
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seeing to whether they're performing their jobs perception see what happens with the other statistics i states when it was per accepted they were not doing their jobs if you guys and all of us take back the perception give us something we can see and perceive and he think this union which i'm a member of s c i u i think there's a lot of knowledge there and if we work together as a team we don't have to know all the integral part but we need p that perception thank you and good night. >> seeing none no other speakers i'll close.
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>> i will opium i'm sorry this is not a question and answer period you can speak to the commission. >> i can say which of the two, 5 percent policies are testified next and here's any comment when you vote will you make it clear which policies you're voting on tuesday (laughter). >> i would be happy. >> make that clear as far as the funds for emergencies that is (inaudible) i will clarify the motion those of you those are alternative policy hedge funds the break out is 40 percent in global equity 18 percent in private equities any public comment? 17 percent in real


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